Medical and Hospital News  
NUKEWARS
EU bid to sidestep US Iran sanctions hits quicksand
By Christian SPILLMANN
Brussels (AFP) Nov 1, 2018

The EU effort to save the Iran nuclear accord by building a mechanism to buy Tehran's oil despite the return of US sanctions has run into difficulty.

Brussels supports the deal struck in 2015 to curb Iran's nuclear ambitions, which was dealt a blow in May when the US President Donald Trump pulled out.

But Washington has announced the reimposition of swingeing sanctions from November 4, including on Iran's oil sector, scaring off European traders.

Last month at the United Nations, the EU announced plans for a "special purpose vehicle" -- a payment system to continue trade and business ties with Iran.

The renewed US sanctions come into force on Sunday, and work on the mechanism is still going on.

"We are in the process of putting measures in place. Work is ongoing," EU foreign affairs spokeswoman Maja Kocijancic told reporters on Wednesday.

The payment mechanism has the backing of the remaining five signatories to the Iran deal -- Britain, China, France, Germany and Russia.

But senior officials in Brussels admit that it is proving difficult to set up.

"The undertaking is very complicated... the vehicle will not be operational on November 5," one told AFP.

The EU will publish a statement on Tuesday reaffirming support for the nuclear deal, as long as Tehran continues to respect its side of the bargain.

And an EU diplomat said the plan to create the new entity would be confirmed at the same time.

"The intention is to create a company registered in an EU country which will allow transactions," the official said.

"We need to supply it with capital and clarify its governance -- this is not easy and it will not just start working overnight."

The three EU deal signatories -- France, Britain and Germany -- are involved in the project, along with other countries which buy Iranian oil.

But not all EU countries are on board, Iranian agents have been accused of plotting attacks on opposition figures in Europe and US elections are looming.

One European diplomat said the bloc wants to avoid a "direct confrontation" with Trump's administration over Iran before the November 6 congressional poll.

But in any case, the plans -- championed by EU high representative for foreign affairs Federica Mogherini -- are progressing very slowly.

"For the moment, we're nowhere. There's no will to proceed on the behalf of the member states," one of those negotiating the design of the mechanism said.

Another official insisted: "The plan's not dead." But he admitted the whole enterprise is "politically risky" for capitals wary of antagonising Washington.

- Oil prices up? -

US Secretary of State Mike Pompeo has explicitly warned against EU states or companies trying to get around the sanctions, which are a US policy priority.

The idea is that the SPV acts as a clearing house. Traders would pay into it to buy Iranian exports and Iran's purchases in Europe would be paid by the fund.

This would allow Europeans to trade Iranian oil without sending cash directly to the Islamic republic.

And EU leaders have not ruled out allowing entities from other states keen to avoid US sanctions -- notably India, China and Turkey -- to use the SPV.

This would blow a hole in US efforts to use oil sanctions to pressure Iran into more concessions than agreed to in the nuclear deal -- or face collapse.

But it would also accelerate the widening of the rift between the US and its allies on foreign policy, and Trump may seek to punish firms using the vehicle.

Europe nevertheless hopes it can avoid an immediate crisis, and persuade Iran to stick by its side of the nuclear deal despite Washington's refusal to do so.

"Iranian oil sales won't drop to zero on November 5, the day after the US reimposes sanctions," a European expert told AFP.

"The Americans known that prices are already high and that Iran's exit from the market will only force them higher, which isn't in their interests."

European clients -- mainly in Spain, Italy, Greece and France -- buy 20 percent of Iran's oil exports.

According to the European Commission, last year EU members bought nine billion dollars of Iranian exports and Iran spent 10 billion in the union.


Related Links
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


NUKEWARS
EU condemns Denmark attack plot, urges support for Iran deal
Brussels (AFP) Oct 31, 2018
The EU on Wednesday condemned a foiled "attack" in Denmark blamed on Tehran but insisted the incident should not undermine Europe's support for the beleaguered Iran nuclear deal. Copenhagen recalled its ambassador to Tehran for consultations after Danish intelligence accused Iran of planning an attack in Denmark against three Iranians - an allegation denied by the Islamic republic. Danish Prime Minister Lars Lokke Rasmussen said it was "totally unacceptable" for Iran to plan such an attack, whi ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

NUKEWARS
US general signals bigger troop deployment to Mexico border

Gun violence sends 75,000 US youths to emergency rooms in 9 yrs: study

Trump's military deployment to the border

Thousands of US troops head for southern border

NUKEWARS
China launches twin BeiDou-3 satellites

Army researchers' technique locates robots, soldiers in GPS-challenged areas

Boeing to provide technical work on JDAM GPS-guided bombs

New Study Tracks Hurricane Harvey Stormwater with GPS

NUKEWARS
Researchers discover earliest recorded lead exposure in 250,000-year-old Neanderthal teeth

WSU researchers discover new clues on how sleep works in the brain

Earliest hominin migrations into the Arabian Peninsula required no novel adaptations

Bonobos make themselves appear smaller than they actually are

NUKEWARS
Handful of states hold fate of world's vanishing wilderness

A wilderness 'horror story'

Nature pushed to the brink by 'runaway consumption'

Crouching tigers, hidden cameras: Nepal counts its big cats

NUKEWARS
15 emerging technologies that could reduce global catastrophic biological risks

Vaccinating humans to protect mosquitoes from malaria

A step towards biological warfare with insects?

100 years on, Spanish Flu holds lessons for next pandemic

NUKEWARS
China's president inaugurates Hong Kong-mainland mega bridge

Who am I? Hunt for heritage drives Chinese to DNA tests

China's underground church set for 'annihilation', cardinal warns

Show me the money: Wealth-flaunting meme goes viral in China

NUKEWARS
New president to inherit a Mexico plagued with grisly violence

NUKEWARS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.